Financial Daily from THE HINDU group of publications
Wednesday, Jun 04, 2003
Mergers & Acquisitions
Investment group to buy BaaN from Invensys
HYDERABAD, June 3
THE clock has turned full circle for BaaN, the Dutch enterprise solutions major.
After about 27 months of its merger by Invensys plc, it has now been acquired by an investment group comprising Cerberus Capital Management LP and General Atlantic Partners LLC. They intend to merge BaaN with SSA Global Technologies.
BaaN, part of Invensys plc, announced today that Invensys had agreed to sell the company to this investment group consisting of two private investment firms.
Backed by nearly $14 billion in investment capital, the investment group plans to employ a long-term strategy to the BaaN business.
The group, which owns SSA Global Technologies, intends to combine BaaN with SSA GT, a provider of enterprise solutions for process and discrete manufacturing, consumer, services and public companies worldwide.
The President of BaaN, Mr Laurens van der Tang, in a statement said: "the strength of BaaN's solutions, loyal customer base, and dedicated employees provided a foundation for an accelerated investment decision by Cerberus and General Atlantic. We have established a customer-driven company that is well positioned for growth as we begin the second 25 years of Baan."
"Adding BaaN to our investment portfolio is an opportunity for General Atlantic to provide strategic value," said Mr William E. Ford, Partner, General Atlantic Partners. Over the past three years, BaaN has made significant investment in its solution offerings including its next generation enterprise backbone code-named `Gemini' and its integration platform, OpenWorldX.
Gemini will be launched this fall at BaaN world user conferences in the US and Europe, with a launch in Asia-Pacific planned for the first-half of 2004.
General Atlantic Partners, LLC, is the world's leading private equity investment firm focused exclusively on investing in information technology, process outsourcing and communications businesses globally.
The firm was founded in 1980 and has over $5 billion in capital under management. General Atlantic has invested in over 120 IT companies and has current holdings in over 60 companies, of which almost one-third are based outside the US.
Cerberus Capital Management, L.P. is a private investment firm with committed capital of $9 billion.
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